New contribution limits make 401(k) plans even more attractive

If you are interested in saving for retirement, here’s some good news: For 2015, the IRS has raised the maximum contribution limits for 401(k) plans from $17,500 to $18,000. And if you’re 50 or older, you can put in an extra $6,000, up from $5,500 in 2014.

These same limits also apply to 403(b) plans, for employees of public schools and nonprofit organizations, and to 457(b) plans, for employees of state and local governments and other governmental agencies, such as park boards and water districts. So, in other words, a lot of workers have gotten a “raise” in their ability to contribute to tax...